Divorce in Florida

[Marsh32]

Hi everyone, my wife and I live in Florida and we are both in our late twenties. We have been together for many years and have agreed to get a divorce because things have not been going well over the past few months. I will spare you a lot of the details but I was treated poorly and tried to make things better but to no avail. At this point, I would like to get this done quickly and as easily as possible. At the present, most everything bill related is in my name, with the exception of her student loan that she got before we got married, and a joint bank account that we share.

She would like to take over living in our apartment and put all of the bills in her name. How do joint assets and debts work in Florida? What we have in savings and a roth IRA would essentially equal to what we have in credit card debt. Would the account stay in one persons name with the other paying x amount until the debt is paid off?

Also, she would like for me to transfer the car into her name so she can take over payments. Is that as easy as it sounds?

Finally, what about her student loan? Since she got it before we got married and despite us paying into it every month for the past few years, that would stay in her name correct?

I am just trying to put the pieces together to get out of this so I can move on with my life and we want this to be amicable so we can put this all behind us...even though a lot of this was not amicable.

Thank you.

 

[adjusterjack]

She would like to take over living in our apartment and put all of the bills in her name. How do joint assets and debts work in Florida?

Whichever way you and your wife can agree that they work. One can always hope that you can work it out amicably.

As for the apartment, you will have to get the landlord involved in that because he will have to accept her as sole tenant and release you (in writing) from the lease. That might be a stumbling block as most landlords would rather have two fish on the hook. But no harm in asking.

What we have in savings and a roth IRA

Stop right there. "We" don't have a Roth IRA. There is only one Roth IRA per person. If you each have one you can either divide them both in half with a Qualified Domestic Relations Order (QDRO) or one of you gives the other something as an offset so you can each keep your own Roth IRA.

would essentially equal to what we have in credit card debt. Would the account stay in one persons name with the other paying x amount until the debt is paid off?

It's incredibly dangerous for you to keep credit cards in both your names after the divorce. If one of you doesn't pay the other is still responsible and ends up with trashed credit. What I suggest you do before you file your petitions is each of you apply for your own credit card as individuals and each do a balance transfer of whatever amount of the debt you each agree to keep. Then, with the joint card balance at Zero, cancel that account and destroy both cards.

Also, she would like for me to transfer the car into her name so she can take over payments. Is that as easy as it sounds?

No. If you transfer ownership of the car you will still be responsible for the loan long after the divorce and it could adversely affect your credit.

If she is capable of making car payments I suggest she get financing in her own name and buy her own car. Again, this should be done before filing your petition as, unfortunately, most people after a divorce end up with financial difficulties when they can't rely on two incomes.

Finally, what about her student loan? Since she got it before we got married and despite us paying into it every month for the past few years, that would stay in her name correct?

That's hers. She keeps that.

I am just trying to put the pieces together to get out of this so I can move on with my life and we want this to be amicable so we can put this all behind us...even though a lot of this was not amicable.

Start by reviewing the above notes with your wife and see what you can agree to.

Both of you need to understand that each of you is going to have to give up something to make this work otherwise you'll be making two lawyers very happy as they put lots of your money into their bank accounts.

And then there won't be much left for you to fight over.

 

[justalayman]

Maybe it's a spousal ira and both have contributed to it. While ownership belongs to the name owner I suspect a court would consider it effectively co-owned and as such, order some share of the ira to be paid to the non-owner spouse either as a cash payment now or through a QDRO.

 

[adjusterjack]

Maybe it's a spousal ira

Could be.

both have contributed to it.

Or, the one with the higher income contributed the entire contribution to the IRA of the one with the lesser (or no) income.

I suspect a court would consider it effectively co-owned and as such, order some share of the ira to be paid to the non-owner spouse either as a cash payment now or through a QDRO.

True.

But, hopefully, they can reach some sort of an agreement before it gets to that.